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Introduction to risk management plan in healthcare
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The recent risk identification and analysis report had provided us with potential issues that would expose Tampa Bay Super Clinic to risk. We will review the risks recognized in the earlier assessment and provide solutions that will help control costs as well as limit the financial loss to our organization. In order for this organization to be proactive and protect our developing investment we must achieve a financial balance of retaining risk and transferring risks (Epstein, Metz, & McLaughlin, 2013). Furthermore, we must continue to monitor the progress of each outcome so that we can accommodate any improvements that need to be made. In the following report we will examine each of the three risk areas that were evaluated along with the recommended solution to limit the risk. Each solution is intended to improve profitability for the organization.
Property Risks
To begin with, property risks were identified as being one of the most significant areas of possible financial loss to Tampa Bay Super Clinic. The first risk identified was the impact a disaster may have on our facility, for instance, fire. Our current plan is to limit the financial loss to the clinic by carrying a commercial insurance that protects the entire property against fire, smoke and water damage. Carrying a commercial insurance will be more cost effective to the organization. In addition, all employees will be required to take a fire safety course and fire drills will be conducted to maintain the staffs’ awareness. Natural disasters were the second risk identified in the earlier report. Again, the most fiscally available option to our organization is to purchase a commercial policy that will provide us with the necessary coverage in case of a natural ...
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...e ensure are risk management practices are consistent throughout the organization. A final recommendation would have internal auditors perform solution analysis in order to stay ahead of any necessary changes. With hard work and dedication Tampa Bay Super Clinic will continue on its road to success.
Works Cited
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Clarke, M. J. (2008, June 1). Knowledge is power. Risk Management, 55(6), 58.
Epstein, A.L., Metz, D., McLaughlin, K.M. (2013). Financing Risk. In St. Petersburg College (Comp.), HSA 4502: Health Care Risk Management (117). Burlington, MA: Jones & Bartlett Learning.
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There have been many factors that have led Coastal Medical Center to their current position, however, most of these problems stem from the former chief executive officer, Ron Henderson. During Mr. Henderson’s...
SGH has been plagued with patient quality issues, therefore SGH finds itself in a situation which is inherently antithetical to the mission of the hospital. The costs of healthcare continue to rise at an alarming rate, and hospital boards are experiencing increased scrutiny in their ability, and role, in ensuring patient quality (Millar, Freeman, & Mannion, 2015). Many internal actors are involved in patient quality, from the physicians, nurses, pharmacists and IT administrators, creating a complex internal system. When IT projects, such as the CPOE initiative fail, the project team members, and the organization as a whole, may experience negative emotions that impede the ability to learn from the experience (Shepherd, Patzelt, & Wolfe, 2011). The SGH executive management team must refocus the organization on the primary goal of patient
In addition to this business plan, we must also address the financial issues plaguing this organization. To illustrate some of these issues lets look at some of the trends here at OCB and within our Industry: For example, OCB’s clinic operations profitability in 1990 was 60%, and now in 1996 our profitability is only 37%, which is down 23 percentage points! We can blame some of this on rising costs of overhead, consumables, etc, however this is happening as the industry as a whole is growing 5% annually, and as our customer base, largely senior citizens, population is growing at almost 1% as year. We should be capitalizing on these industry trends, however, as you all know, not all the trends work in our favor. For example, our lifeblood, the Insurance company’s managed care organizations, and government healthcare reimbursement programs shows a downward trend of allowable payments for our services (DRGs) For example in 1995 the DRG price of ...
It is imperative that Health Care Professionals learn to manage risk. There are many factors to think about including environment, assessment, identification and prioritising when managing risk. Being able to strategically implement preventative measures will help in managing risk. Risk management works hand in hand with all enablers set out by chapelhow.
It is obvious that there is a large gap between where Coastal Medical Center is and where they need and want to be. When comparing CMC’s competitors, Johnson Medical Center and Lutheran Medical Center, CMC needs to provide more efficient, high quality care and focus on more profitable priorities instead of funding multiple unsuccessful projects such as the fifty-three unfinished developments.
Dr. Kaylen Silverberg was recently invited to attend the JP Morgan Healthcare Conference in San Francisco. This meeting was held from January 11 to January 13, 2016. The invitation-only conference, sponsored by JPMorgan Chase, is in its 20th year and was attended by over 10,000 healthcare professionals and investment bankers. Over 500 companies involved in every aspect of healthcare were also in attendance. The purpose of the conference was to allow both emerging and established healthcare companies to present updates on their performance as well as introduce new technologies to the industry.
Bigalke, J. T. (2009, February). Healthcare Financial Management [Managing Uncertainty to succeed in the new health economy]. , (), . doi: Retrieved from
The ability of a unit to survive is largely dependent upon the hospitals internal financial budgetary performance and the external needs within the community. Developing a financial budget is a process that should use teamwork to plan and implement in order to be effective. The budget sets perimeters for administrators to follow throughout the year, allowing the director to report variances while providing guidance to maintain a minimum variance and adjust when possible (Finkler & McHugh, 2008). By using all department managers in the planning process of the new budget, the nurse executive is able to develop effective strategies for all departments while investing in the goals. This eliminates many problems associated with budget and identifies areas that need improvement or expansion. Because of the competition, declining margins, and other economic pressures, nurse executives need to take steps to control costs and increase revenues for this unit. The overall goal of the financial performance within the organization is to meet the total budgetary needs of the unit to produce favorable outcomes. My focus will be to propose the expansion of a new Joint Replacement Unit (JRU) within the hospital, while identifying the major operating components of the budget for this organization. The importance of reviewing the budget for a newly developed unit is to allow the nurse executive and administrative team to manage the existing organizational programs within in the facility, plan for goal accomplishments for the new unit, while controlling costs.
The following document is the financial analysis with financial proposals to move Creekside Community Hospital into a strong economic future. To determine the best financial practices for Creekside Community Hospital, many factors were considered. This analysis starts with an evaluation of current capital structure and the organization’s liquidity and profitability ratios while offering recommendations to improve Creekside Community Hospital’s current financial standing.
Some method such as audits, chart reviews, computer monitoring, incident report, bar codes and direct patient observation can improve and decrease medication errors. Regular audits can help patient’s care and reeducate nurses in the work field to new practices. Also reporting of medication errors can help with data comparison and is a learning experience for everyone. Other avenues that has been implemented are computerized physician order entry systems or electronic prescribing (a process of electronic entry of a doctor’s instructions for the treatment of patients under his/her care which communicates these orders over a computer network to other staff or departments) responsible for fulfilling the order, and ward pharmacists can be more diligence on the prescription stage of the medication pathway. A random survey was done in hospital pharmacies on medication error documentation and actions taken against pharmacists involved. A total of 500 hospital were selected in the United States. Data collected on the number of medication error reported, what types of errors were documented and the hospital demographics. The response rate was a total of 28%. Practically, all of the hospitals had policies and procedures in place for reporting medication errors.
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
Tzeng, H., Yin, C., & Schneider, T. E. (2013). Medication Error-Related Issues In Nursing Practice. MEDSURG Nursing, 22(1), 13-50.
O’Shea, E (1999) Factors contributing to medication errors: a literature review. Journal of Clinical Nursing. 8, 5,496-503.
Identify the potential risks which affect the company and manage these risks within its risk appetite;